December 01, 2020
According to the research report titled ‘MEA Polyurethane Market for Automotive Industry Size By Product, By Application, By Vehicle Type, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024‘, available with Market Study Report LLC, MEA polyurethane market for automotive industry is expected to surpass USD 385 million by the year 2024.
Increasing production of passenger cars owing to rise in middle-class and youth population, along with spike in demand for luxury vehicles are the major factors driving the growth of MEA polyurethane market for automotive industry. Moreover, rising expenditure on R&D activities by major manufacturers as well as strict environmental regulations will contribute to the industry growth during the forecast period.
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For those unfamiliar, polyurethane products exhibit high durability, light weight, excellent corrosion resistance, insulation and sound absorption properties. These products are gaining popularity in automobile sector for manufacturing of seating which can be easily to assembled, disassembled, and recycled. Further, product application in the form of coatings for protection against humidity and oxidation while imparting a glossy shine on vehicles also contributes to the growth of MEA polyurethane market for automotive industry.
Based on product spectrum, flexible foams segment is expected to grow with a CAGR of 4.5% during the forecast period. The demand for this product is attributable to its increasing application in fenders, truck beds, cushion interior panels, headrests, headliners, and armrests, due to its excellent properties such as cost-efficient, durability, versatility, lightweight, and environment friendliness.
From a regional point of view, Iran polyurethane market for automotive industry is poised to witness a yearly growth rate of 4.5% over the forecast duration owing to escalating demand for personal vehicles and growing investments in transport infrastructure.
Meanwhile, Egypt market is predicted to exceed a valuation of USD 4.4 million by the end of 2024, attributable to increasing automobile sales as well as rising product demand due to its several benefits of usage in vehicles.
Major players influencing MEA polyurethane market trends are Johnson Controls International plc, BASF SE, The Dow Chemical Company, DuPont De Nemours, Inc., Borealis AG, Bayer MaterialScience (Covestro AG), Huntsman Corporation, Raha Oman, Foam House Egypt, DeltaChem Middle East LLC, Kuwait Polyurethane Industry w.l.l, Rigifoam Ltd., and Perfect Rubber Industries LLC.